Greece’s short-dated state bond yields rose sharply on Tuesday after Greece and creditors failed to agree on closing the bailout program review and debt relief measures, Reuters says.

The Greek government urgently needs the next rescue loan tranche in order to repay some 7.3 billion euros of maturing loans.

To get the money, the Greek parliament legislated new austerity measures such as pension cuts and tax hikes on Thursday. However, Monday’s meeting of euro zone finance ministers concluded that Athens still had to take further measures.

The delay is due to the reluctance of the International Monetary Fund to participate in the bailout program unless European institutions present a more realistic and concise plan to ease the Greek debt.

Yields on Greece’s short-dated government bonds rose 37 basis points to 5.90 percent. Ten-year yields also rose 17 basis points on the day. The yield on Greece’s 10-year bond, which reached a peak of over 15 percent in February, fell to below 5 percent last week due to the climate of optimism generated by Greece and creditors that a deal would be reached on Monday’s Eurogroup.

Eurogroup President Jeroen Djisselbloem, said euro zone finance ministers hope to reach a deal at the next meeting on June 15.